In a second attempt to sell Air India, the central government has given ‘in-principle’ approval for strategic disinvestment of the public carrier and has invited bids from interested parties. The approval has been given for the transfer of management control and sale of 100% equity share capital of Air India held by the Centre which will include its shareholding interest in its two subsidiaries - Air India Express (AIXL) and Air India SATS (AISATS)- 100% and 50%, respectively. AISATS is an equal joint venture between Air India and Singapore Airlines and offers ground handling services. Air India Express is a wholly-owned subsidiary of Air India offering low-cost travel. According to the new preliminary bid document issued on Monday, a debt of Rs 23,286.5 crore would remain with Air India and Air India Express at the time of closing of the disinvestment.

Source: dna January 27, 2020 10:41 UTC